GSIS President Jose Arnulfo Veloso

If this were a publicly listed company, GSIS President Jose Arnulfo Veloso would have been booted out, humiliated, and shown the door the moment the numbers turned red.

No boardroom in the private sector would tolerate that level of recklessness, much less reward it.

But this is government, and Veloso still sits at the top of the Government Service Insurance System (GSIS), managing the pension funds of millions of government workers.

We discussed this last Saturday in our weekly radio program Executive Session over DZRH with Justice Secretary Boying Remulla, Senator JV Ejercito, Congressman Jonathan dela Cruz, Atty. Dodo Dulay, and Paolo Capino.

While views varied on the severity of the issue, we all agreed on one thing: something is clearly wrong, and these investment deals involving pension funds were not done with the transparency and prudence.

Now, just today, the Ombudsman has reportedly slapped Veloso with a six-month preventive suspension over alleged irregularities tied to the Alternergy investment

The Alternergy deal is just the tip of the iceberg. Another questionable move is GSIS’s ₱34.5-billion buildup in Metro Pacific Investments Corp. (MPIC) before its delisting, a figure cited in the 2023 Commission on Audit (COA) report.

When MPIC offered a tender offer to buy back its shares ahead of delisting, investors were given a chance to exit with their profits secured.

Yet GSIS skipped the buyback, a move market experts say would’ve locked in gains and shielded the pension fund from the liquidity and valuation risks that typically follow delisting.

Bilyonaryo.com reported that GSIS also poured over ₱1 billion into DigiPlus Interactive (PLUS) near its ₱65.30 peak. Weeks later, the stock crashed to ₱13.68 after lawmakers moved to clamp down on online gambling.

Bilyonaryo also reported that Veloso also used GSIS funds to buy into Figaro Coffee Group, a small café chain with low trading volume and questionable long-term returns.

The COA has also flagged these transactions. It warned that the strategy of investing in firms with no profit history or dividend payout records could undermine the fund’s long-term viability.

The gravity of this move cannot be overstated, it signals that this is no longer just a matter of bad judgment. This is a case of potentially grave abuse.

The losers are the rank-and-file public workers who entrusted GSIS to invest with care. These pensioners are not day traders or venture capitalists.

They are retired teachers, nurses, soldiers and police officers. Their money is meant for medicine, tuition, electricity, and rice, not for riding the highs and lows of speculative gambling stocks.

The GSIS Board of Trustees should enlighten their shareholders. Were these investments thoroughly vetted? Did the board raise questions?

Or were they rubber-stamped under the assumption that Veloso knew best while enjoying their sumptuous meals during board meetings, collecting fat per diems, and basking in privilege?

Silence and inaction from the board make them complicit.

The bigger question now is accountability.

How much more GSIS money is tied up in risky positions? What are these investments worth today compared to their original value?

An even more crucial question must be asked: did someone quietly earn from all of these transactions while the pension fund took the losses?

If wrongdoing is proven, someone must face legal consequences. Sending people to jail for gambling with gsis pension funds is necessary to restore public trust.

While these questions go unanswered, government retirees continue to suffer.

There is the former public school teacher buying half her metformin meds to save money. The barangay health worker skipping meals to keep the lights on. The pensioner trying to stretch a few thousand pesos to last the month.

Meanwhile, Veloso was recently seen dining comfortably at an upscale Japanese restaurant in a luxury hotel in Makati.

That contrast tells us everything we need to know. The man who gambled with their pensions lives well. The people he was supposed to protect are scraping by.

In fairness, Veloso may have had good intentions, perhaps aiming to grow GSIS funds like a private investment house would.

But GSIS is not a private bank. It’s a state pension fund owned by public servants. One reckless bet doesn’t just dent a balance sheet, it endangers the lives and futures of retirees who can’t afford to lose everything.

President Marcos Jr. often speaks of reform and good governance. This is not just a test, it is a defining moment.

For too long, someone has been protecting Wick Veloso. Despite red flags, COA warnings, mounting losses, and public outrage, he remains untouched.

Someone is choosing to protect the man who gambled away billions over the millions of pensioners who now face uncertainty.

But no protector, however powerful, should stand above the President of the Republic.

Mr. President, you are the most powerful public servant in this country.

The one whose duty is not to defend gamblers of public funds, but to protect the retired teachers, nurses, soldiers, and government workers whose lives depend on GSIS.

Fire Wick Veloso. Show the nation who you truly serve.

Hanggang kailan mananahimik ang Palasyo, habang pinaglalaruan ang hinaharap ng mga kawani ng gobyerno?

Kailan titindig ang mga dapat kumakatawan sa kanila? Kapag naubos na ang pondo nila?

Kapag nangyari ito, hindi si Veloso ang magdurusa. Ang magtitiis ay ang mga retiradong walang gamot, walang bigas, walang kuryente, at walang boses sa Palasyo.

Ed Javier

Ed Javier is a veteran communicator with over 34 years of professional experience both in the private and public sectors. He is also an entrepreneur, political analyst, newspaper columnist, broadcast and on-line journalist.